UAE-based Agri Commodities & Finance FZ-LLC, a subsidiary of Export Trading Group (ETG), received a loan of US$30.75 million from Oikocredit and Symbiotics, a market access platform for social impact investing.
This agreement will streamline the procurement of traceable cashew nuts and certified cocoa beans from smallholder farmers and cooperatives in Côte d’Ivoire, Ghana, and Nigeria, while also strengthening ETG’s sustainability programs in these countries.
“We are grateful for Symbiotics and Oikocredit’s support, which will help us support our cashew and cocoa businesses in West Africa, as well as agricultural value chains and smallholder farmers’ livelihoods in the region, in order to help construct a sustainable future.” Anish Jain, ETG’s Chief Treasury Officer.
It’s no secret that Export Trading Group (ETG) is one of Sub-Saharan Africa’s largest and most rapidly expanding integrated agricultural supply chain managers and processors.
Because of its well-established supply network that spans five continents, it is a major player in the global agriculture market. For the next three years, the financing will help ETG’s Cocoa and Cashew operations in West Africa expand.
“In most African countries, agriculture and rural development have both been critical to economic progress. We are excited to begin working with ETG because we believe the Group’s influence and success will assist to enhance Africa’s agricultural sector, reducing poverty amongst small – scale farmers on the continent.” Vincent Lehner, Symbiotics’ Head of Markets, said.
Through its Beyond Beans programs, ETG connects smallholder farmers to global markets and has a significant impact at the smallholder level.
By conducting environmental projects, the programs aim to develop smallholder farms and their communities. The Cocoa & Forests Initiative, for example, provides training for forest farmer groups, land and tree tenure, individual farmer coaching, seedling distribution, and farmer empowerment.
“Because of Oikocredit’s focus on smallholder farmers, we are glad to support ETG. Our partnership will enable farmers of cocoa and cashew maintain a market outlet, which in turn will benefit the livelihoods of farmer communities and help professionalize farmer organizations linked with it.” Yves Komaclo, Oikocredit’s Investment Manager for West Africa, said.
Symbiotic focuses on micro, small, and medium-sized businesses as well as low- and middle-income people in emerging and frontier markets.
